Digital asset platform Bakkt has announced plans to focus on B2B technology solutions. The company said it will soon close its consumer-facing app that allows users to use their digital assets in different ways. The app, launched in March 2021, has a user-friendly interface that integrates various digital assets, including cryptocurrencies, loyalty points, and gift cards.
Despite the end of support for consumer apps, current users of the Bakkt app will still be able to access their cryptocurrency and money through a new web platform available on all devices. According to Bakkt, users can still check their cryptocurrency balance and receive transaction reports for tax purposes. The app will close on March 16th.
“The closure of the app ensures that we can keep our partners and customers connected with their customers,” said Gavin Michael, President and CEO of the speaker, highlighting the company’s commitment to delivering the best solutions to its partners and customers. He added that the company has focused its investments on its core solutions, ready to go to market and scale quickly.
Bakkt is committed to continue providing businesses with cryptocurrencies and loyalty opportunities for its customers through SaaS and API solutions on a secure and functional platform.
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In November, Cointelegraph reported that Bakkt had agreed to acquire Apex Crypto for $200 million. Apex Crypto is a turnkey integrated cryptocurrency trading platform serving over 5 million clients through 30+ fintech partners. The upcoming acquisition reinforces Bakkt's business-to-business-to-consumer (B2B2C) strategy and mission to provide crypto products to a wider customer base.
The integration of Apex Crypto into Bakkt’s operations is expected to enhance the cryptocurrency firm’s offerings and reach a wider audience across fintech companies, trading platforms, and NeoBank. The collaboration aims to develop and implement innovative crypto products such as bonds, transfers, and NFTs, which will ultimately lead to revenue growth and diversification of Bakt as its services expand.
